SEC Urges 102M Settlement with Ripple as XRP Lawsuit Approaches End

After more than three years of legal wrangling between the United States Securities and Exchange Commission (SEC) and Ripple Labs over XRP sales, the case has now entered its final phase.
With the upcoming elections prompting a shift in cryptocurrency regulation in the United States, the SEC has pushed for a settlement with Ripple. Additionally, the SEC has successfully reached a settlement with Terraform Labs and Do Kwon for breaching securities laws.
The latest court document filed on June 14 by the SEC to Judge Analisa Torres indicates that a settlement deal between the SEC and Ripple is imminent. Ripple recently submitted a notice concerning the Terraform Labs settlement, which amounted to a $4.47 billion agreement.
Despite Ripple’s strong defense, claiming they have not conceded to anything, the court has clarified that XRP is not classified as a security and there are no victims to compensate. Furthermore, Ripple’s success is evident, prompting the SEC to abandon its initial demand for a $2 billion penalty.
Ripple is advocating for a $10 million fine settlement, whereas the SEC is pushing for $102.6 million due to the $876.3 million in XRP sales that violated securities laws. Stuart Alderoty noted that Ripple and XRP have flourished since the court’s ruling that XRP is not a security, highlighting the significant reduction in the SEC’s penalty demand.
The recent developments in the SEC vs. Ripple case have stabilized XRP’s price around 50 cents, establishing strong support. With a fully diluted valuation of approximately $49 billion, XRP is backed by Ripple’s ongoing developments and acquisitions.
Ripple recently acquired Standard Custody and announced a web3 fund for developers in South Korea and Japan. Additionally, they introduced an EVM-compatible sidechain on the XRPL in preparation for the launch of fiat-backed stablecoins.
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Ripple (XRP)